Convergence Investment Partners LLC Takes $727,000 Position in Lennar Co. (NYSE:LEN)

Convergence Investment Partners LLC acquired a new stake in Lennar Co. (NYSE:LEN) in the second quarter, Holdings Channel.com reports. The firm acquired 11,804 shares of the construction company’s stock, valued at approximately $727,000.

Other institutional investors have also bought and sold shares of the company. Private Advisory Group LLC purchased a new stake in shares of Lennar in the second quarter valued at approximately $456,000. Skandinaviska Enskilda Banken AB publ increased its position in shares of Lennar by 3.6% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 59,770 shares of the construction company’s stock valued at $2,283,000 after buying an additional 2,051 shares in the last quarter. Treasurer of the State of North Carolina increased its position in shares of Lennar by 66.9% in the first quarter. Treasurer of the State of North Carolina now owns 118,097 shares of the construction company’s stock valued at $4,511,000 after buying an additional 47,330 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Lennar in the first quarter valued at approximately $237,000. Finally, Telemus Capital LLC increased its position in shares of Lennar by 2.2% in the second quarter. Telemus Capital LLC now owns 9,457 shares of the construction company’s stock valued at $617,000 after buying an additional 202 shares in the last quarter. Institutional investors and hedge funds own 82.24% of the company’s stock.

NYSE:LEN traded up $0.07 on Friday, reaching $72.35. The company’s stock had a trading volume of 1,840,800 shares, compared to its average volume of 3,076,680. Lennar Co. has a 12-month low of $25.42 and a 12-month high of $74.32. The company has a quick ratio of 1.24, a current ratio of 14.21 and a debt-to-equity ratio of 0.45. The firm has a market cap of $22.59 billion, a price-to-earnings ratio of 10.90, a price-to-earnings-growth ratio of 2.24 and a beta of 1.60. The stock has a 50 day moving average price of $64.08 and a 200 day moving average price of $57.31.

Lennar (NYSE:LEN) last posted its earnings results on Monday, June 15th. The construction company reported $1.65 EPS for the quarter, beating the Zacks’ consensus estimate of $1.29 by $0.36. Lennar had a return on equity of 13.08% and a net margin of 9.30%. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.20 billion. During the same quarter in the previous year, the business earned $1.30 earnings per share. The company’s revenue for the quarter was down 4.7% on a year-over-year basis. Equities research analysts expect that Lennar Co. will post 6.19 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Friday, July 10th were given a $0.125 dividend. The ex-dividend date was Thursday, July 9th. This represents a $0.50 dividend on an annualized basis and a yield of 0.69%. Lennar’s dividend payout ratio is currently 8.71%.

A number of analysts have recently commented on LEN shares. Royal Bank of Canada boosted their price objective on Lennar from $61.00 to $68.00 and gave the company a “fair value” rating in a research report on Wednesday, June 17th. ValuEngine lowered Lennar from a “sell” rating to a “strong sell” rating in a research note on Friday, May 1st. Seaport Global Securities lowered Lennar from a “buy” rating to a “neutral” rating in a research note on Monday, July 13th. Credit Suisse Group lifted their price target on Lennar from $62.00 to $71.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 17th. Finally, BTIG Research lifted their price target on Lennar from $75.00 to $88.00 in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $66.38.

In related news, EVP Jeffrey Joseph Mccall sold 10,000 shares of the business’s stock in a transaction on Thursday, July 16th. The stock was sold at an average price of $70.01, for a total value of $700,100.00. Following the sale, the executive vice president now owns 181,617 shares in the company, valued at approximately $12,715,006.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider David M. Collins sold 40,000 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $65.00, for a total value of $2,600,000.00. Following the completion of the sale, the insider now owns 66,803 shares in the company, valued at approximately $4,342,195. The disclosure for this sale can be found here. Insiders sold 105,000 shares of company stock worth $6,717,650 in the last 90 days. Company insiders own 8.60% of the company’s stock.

Lennar Company Profile

Lennar Corporation, together with its subsidiaries, operates as a homebuilder primarily under the Lennar brand in the United States. It operates through Homebuilding East, Homebuilding Central, Homebuilding Texas, Homebuilding West, Lennar Financial Services, Lennar Multifamily, and Rialto segments. The company's homebuilding operations include the construction and sale of single-family attached and detached homes, as well as the purchase, development, and sale of residential land.

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Institutional Ownership by Quarter for Lennar (NYSE:LEN)

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